What is a W-9 and Who Needs One?
May 08, 2023Today we'll be discussing an important aspect of your business that you should revisit now to save yourself some time and headaches as the year progresses.
From a tax perspective, it's necessary to ensure that you have all the proper documentation in place from your contractors. Tax information that they have available to you will depend on their type of business, citizenship status, and a few other factors.
Taking the time to revisit this aspect of your business now and ensuring that you have all the necessary documentation in place, including W9 forms from your contractors, can save you a lot of headaches come tax season.
The key takeaways from this episode are:
1. It is important to revisit your contractor documentation to ensure you have all the proper tax information in place to avoid headaches during tax season.
2. The tax information available from your contractors will depend on their business type and citizenship status.
3. Getting an updated W9 form from your contractors is crucial, especially if they have changed their business structure.
What you'll hear in this episode:
[1:15] Revisit this aspect of your business now to save yourself some headaches towards the end of this year.
[2:49] What does this mean from a tax perspective for your business?
[4:20] Why do you need to get this W9 from your contractors now?
[6:09] Why certain contractors won’t have a W9 available for you.
[8:30] Why is it especially important to get an updated W9 if your contractor has changed their business structure?
Related episodes:
Hiring Employees vs. Contractors with Jackie Koch
Resources:
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
